News Direct

Category: Moneywise

  • Americans in their 30s, 40s are finally breaking their way into the 401(k) millionaire club — here’s what they’re doing and why you should start copying in 2025

    Americans in their 30s, 40s are finally breaking their way into the 401(k) millionaire club — here’s what they’re doing and why you should start copying in 2025

    We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

    Americans think it’ll take $1.26 million, on average, to retire comfortably, according to an April 2025 survey by Northwestern Mutual. And reaching $1 million in retirement savings is a step in the right direction.

    There’s good news from Fidelity in that regard, and it’s that 401(k) millionaires are on the rise due to an uptick in worker contribution rates and stock market gains. And further good news is that millennials are finally joining the 401(k) millionaire club, albeit slowly.

    Don’t miss

    While savers aged 28 to 43 represent fewer than 2% of 401(k) millionaires among Fidelity enrollees, the fact that some have gotten to that point is impressive. And with the right approach, you can, too.

    401(k) millionaires on the rise

    The number of 401(k) millionaires grew by 9.5% in the third quarter of 2024, hitting 544,000 from 497,000 in the previous quarter, according to Fidelity. What’s more, average 401(k) balances saw a year-over-year increase of 23%, climbing to $132,300.

    Balances are also rising among long-term savers. Gen X workers who’ve contributed to their 401(k)s for 15 years have an average balance of $586,100, suggesting that many 401(k) millionaires have been saving consistently for a long time.

    Meanwhile, millennials have an average 401(k) balance of $66,500. With the oldest millennials halfway through their careers and the youngest just starting, their balances are expected to grow as they continue to save.

    How to become a 401(k) millionaire yourself

    Becoming a 401(k) millionaire may be more realistic than you think. The key is consistent saving and starting as soon as possible.

    For example, if you invest $400 each month into a 401(k) with a 7% annual return for 41 years your total contribution of $197,000 could grow to over $1 million, thanks to compound interest. However, reducing that timeline to 31 years would only yield about $490,000 — illustrating the value of saving consistently and over the long term.

    If $400 per month seems out of reach, try starting with a smaller amount and work up from there. One way that might help is by automatically investing your spare change with Acorns.

    The app automatically rounds up your everyday purchases to the nearest dollar and invests the difference into a diversified portfolio. This means that every transaction — from your morning coffee to grocery shopping — contributes to building your savings.

    Plus, with an Acorns Silver plan you get access to Acorns Later, a retirement investment account with a 1% IRA match on new contributions. With Acorns Gold you get a 3% IRA match on new contributions and the ability to customize your portfolio by selecting your own stocks.

    You could also take advantage of Wealthfront’s automated investing platform, where the power of compound interest works for you. Their "set it and forget it" approach means your money is professionally managed and automatically rebalanced, allowing your wealth to grow steadily over time. Wealthfront offers up to 17 global asset classes to help diversify your portfolio.

    If you open a Wealthfront account today, you can snag a $50 bonus. Whether you’re saving for retirement, a home or building generational wealth, Wealthfront’s low-cost, automated investment strategy can help you achieve your financial goals.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    Grow your real estate portfolio

    Investing in real estate has traditionally been one way to build wealth. But if you aren’t ready to jump into home ownership — financially or otherwise — platforms like Arrived can offer a pathway into real estate as an investment asset.

    You can invest in rental properties, potentially earn dividends and enjoy the benefits of real estate — all without the hassle of property management.

    Backed by world class investors like Jeff Bezos, Arrived’s easy-to-use platform offers SEC-qualified investments such as rental homes and vacation rentals for as little as $100.

    Arrived’s flexible investment options allow both accredited and non-accredited investors to benefit from this inflation-hedging asset class.

    How it works is simple: start by browsing vetted properties, then simply select a property and choose the number of shares to buy.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • What to expect when you’re expecting: First year cost for pets

    What to expect when you’re expecting: First year cost for pets

    It’s easy to go overboard when you’re getting a new pet. Whether it’s supplies, toys or even clothes, some things are just too cute to pass up. But these things quickly add up, even if you try to stick to necessities. It’s possible to budget and plan for your new furry addition, and we’ve put together a list of expenses to plan for during that first year.

    Canadians love their pets

    Pet ownership in Canada has reached new heights, with about half of households sharing their homes with furry family members. According to the Canadian Animal Health Institute, that equates to 7.9 million dogs and 8.5 million cats. While these furry companions bring immeasurable happiness and joy to our lives, it’s important to recognize and plan for the financial responsibilities that come with pet parenthood.

    The commitment extends far beyond the initial adoption or purchase costs. Pet parents need to provide essential care, including quality nutrition, regular grooming services, veterinary care and various other necessities. Statistics from Rover.com highlight a significant 12% increase in pet-related expenses since 2022, mainly due to inflation that’s caused everything from pet food to vet bills to go up in price, making financial planning more crucial than ever.

    Fortunately, by being proactive, you can manage and reduce pet care costs.. By understanding and anticipating both immediate and long-term expenses associated with pet ownership, you can develop a practical budget that ensures your beloved companion receives the best care while maintaining financial stability.

    If this is the year you’ve decided to bring home a pet, we’ve broken down the costs you can expect in the first year for a new dog or cat. We’ve focused on dog and cats for the purpose of this article as they are the most popular (and expensive) pets, but I do know there are other pets out there, such as bunnies and guinea pigs, that people love to have in their homes.

    Bringing a new dog home: First-year costs

    When you bring a new dog into your home, there are several initial expenses to consider. These one-time costs include both the price of acquiring your pet and essential supplies needed to provide proper care.

    We’ll also cover the must-have items you’ll need before welcoming your new companion, including feeding equipment, grooming tools and walking accessories.

    While these are typically considered one-time purchases, it’s important to budget for eventual replacements. Items may need to be replaced due to normal wear and tear, and puppies will outgrow their initial supplies as they mature into adult dogs. You may want to spend more on quality, brand name products that will last years instead of months. For instance, a well-made harness will cost more up front, but replacing it with a cheaper model every few months or years will add up over time.

    You can expect to pay upwards of $5,000 to $7,000 in the first year of getting a puppy (it’ll be closer to the higher end if you’re purchasing a purebred puppy from a breeder, and of course, it depends on the dog breed).

    You’re thinking to yourself “What? That much for a puppy?! But I’m planning to adopt, won’t that bring down the amount?” While most adoptable dogs are cheaper than ones from a breeder (plus, they come spayed or neutered), that’s just one piece of the puzzle. If you’re planning on bringing home an adult dog, it’s a bit cheaper — the price is more like $4,000.

    Read More: A surprise trip to the vet can cost $1,000 or more. Don’t get caught off guard. See how pet insurance can ease the stress — and cost — of caring for fur babies. Protect yourself now

    Here are just a few of the common costs that can come with the first year of puppy/dog ownership (these are approximate costs):

    • Breeder costs: $1,000 to $4,500
    • Adoption fees: $200 to $800
    • Total veterinarian bills: Around $2,000
    • Veterinary exams with vaccines: $500 to $600
    • Neuter/spay: $750 to $1,200
    • Microchip dog cost: $45 to $95
    • Deworming medication: $70 to $80
    • Pet Insurance: $600 to $1,800 per month
    • Pet food: $1,100
    • Grooming: $60 to $150
    • Collar and leash: $50
    • Bed: $30 to $70
    • Crate: $100 to $300
    • Obedience classes: $500
    • Licence: $35

    Additional costs to consider when owning a dog include pet care services like dog walkers or doggy daycare, especially if you work full-time out of the home. These services ensure your pet gets proper exercise and attention during the day. When planning vacations, you’ll need to factor in boarding facilities or pet sitting services, unless you opt for pet-friendly travel destinations.

    Property damage is another financial consideration of dog ownership. Dogs may occasionally have accidents indoors, and puppies or anxious dogs might exhibit destructive behavior like chewing furniture or causing damage to flooring and carpets (I know this one too well). It’s important to budget for potential repairs or replacements of damaged items.

    Bringing a new cat home: First-year costs

    The financial commitment of cat ownership is less than that of dogs, with Canadian pet parents spending an average of $2,542 annually on their feline friends, according to Statista. First-time kitten parents should prepare for higher initial costs compared to subsequent years of cat ownership. The Ontario Veterinary Medical Association reports that the first year of kitten care typically costs between $3,091 and $3,231. This higher first-year expense is due to one-time purchases and essential medical procedures that set your kitten up for a healthy life.

    Here are just a few of the common costs that can come with the first year of kitten/cat ownership (these are approximate costs):

    • Total veterinarian bills: $1,500 to $1,800
    • Vaccinations: $500 to $600
    • Spay/neuter: $600 to $800
    • Microchip: $45 to $95
    • Deworming medication: $70 to $80
    • Peet insurance: $29 to $35
    • Pet food: $500 to $700
    • Collar: $20
    • Bed: $50
    • Scratching post: $40
    • Litter and litter box: $275
    • Licence: $15

    Final word

    It’s easy to get in over your head when it comes to the first year of pet ownership costs. But by planning ahead and budgeting, your new dog or cat will have everything they need when you welcome them into your home.

    Sources

    1. Canadian Animal Health Institute: Biennial pet population survey shines a light on how pet population statistics changed over the course of the COVID-19 pandemic, and pet owner habits.

    2. Rover.com: Home page

    3. Statista: Annual cost of caring for a cat in Canada

    4. Ontario Veterinary Medical Association: Annual cost of caring for a cat in Canada

    This article What to expect when you’re expecting: First year cost for petsoriginally appeared on Money.ca

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Hey gals, here are the worst mistakes you’re making with money

    Hey gals, here are the worst mistakes you’re making with money

    Ladies, we can be truly savvy with our dollars, especially when it comes to finding a great deal. Women are so good at managing money that 20% of Canadian spouses relied solely on their female partner to set and follow the household monthly budget, according to survey released in 2023 by Loans Canada, the nation’s first loan comparison platform.

    However, even those of us accustomed to pinching pennies on a regular basis, can make a few key mistakes. To help, here are the five biggest mistakes women make with their money — ranked from not-such-a-big-deal to stop it right now!

    Buying poor quality clothes

    When most women are shopping on a budget, they end up with clothing that falls apart or shrinks after a few washes. Instead of buying throwaway fashion — trendy clothes at low prices — consider investing in a few pieces of high-quality closet ‘staples.’

    Stores like Club Monaco, which was founded with the concept of offering "better basics," is a quality step-up from fast fasion, and one good option if you want a closet full of useful, wear-anywhere fashion staples.

    Another option is second-hand clothing. Even when clothing is used, it still lasts longer than poorly made “fast fashion.” For those open to the idea of shopping and wearing second-hand clothing, can find great options either online or through brick-and-mortar stores that specialize in good quality second-hand clothing. For instance, websites like Poshmark offer high quality name brands at more accessible prices.

    Change where you buy your clothes — and what you buy — and you could save hundreds of dollars in a year or two.

    Not investing

    The stock market is dominated by male investors. Hollywood portrays investing as a boy’s club fueled by adrenaline and testosterone, especially in movies like The Wolf of Wall Street.

    But studies show that women who opt to invest in stocks and other equities tend to outperform men. The theory is that women are less reactive to market fluctuations, according to report from Fidelity Clearing Canada — and more apt to sticking with their financial plan and investing strategy. Another theory is that women are less prone to chasing market returns and more invested in stable, long-term strategies — an investment strategy often promoted by finance experts like Warren Buffett.

    The good news is that you don’t need thousands of dollars and a broker to begin investing. Women can start trading using an online brokerage account. There are bank-offered brokerage accounts, such as CIBC Investor’s Edge, as well as fintech trading platforms, such as Wealthsimple and Questrade. The key is to find an online brokerage account that suits your needs.

    If your aim is to launch a buy-and-hold investment strategy — and avoid the stress and fees of active trading — you’ll want an online trading platform with no- or low-cost trading fees.

    Not maintaining a good credit score

    Women tend to have worse credit scores than men, according to MSNBC. Men tend to have an average credit score of 630, while women average around 621. Credit scores range from low 500s to 900.

    One easily-accessible option for building and maintaining a good credit score is to use a credit card. Used correctly, credit cards are great for building your credit history. However, when credit cards are maxed out, these short-term loan options hurt your budget and your credit score.

    If you need to start building your credit history, consider applying for a credit card that caters to people with no- or low-credit scores.

    If you need to rebuild your credit score — and part of the problem is a high credit card balance — consider finding a way to reduce the interest paid on this debt. For instance, using a low-interest credit card can help you reduce the interest charged on the outstanding balance. This reduces the amount of money you spend on interest and frees up cash that can be used to pay down the debt. Do this consistently — always making minimum monthly payments on all outstanding debts — and you’ll get out of debt faster and rebuild a robust credit score.

    Falling for pyramid schemes

    So many mothers are under pressure to ‘have it all.’ Work-at-home pyramid schemes — with people on the bottom making very little money — specifically target women who want to earn an income while raising their kids. The desire to do it all isn’t new and the schemes that prey on this desire are also not new, according to 2021 article published by the Huffington Post.

    These companies know how to prey on women’s insecurities — including the idea that you must be popular to be valued and you must earn to have a say in household monetary matters. Don’t fall into this trap. Take the time to educate yourself about pyramid schemes. There’s nothing wrong with wanting it all but you will need to prioritize what’s important, right here, right now.

    Undervaluing your skills

    Women are still paid 9.2% less than men, on average, even if they have the same education and work experience, according to data released by Statistics Canada.

    If you’ve been working for your company for a while, don’t be afraid to ask for a raise or to inquire if a promotion might be available.

    Speaking up can be tough, especially if you sense that your boss doesn’t recognize your true value. If you find yourself stuck in a pay situation that probably won’t get any better, it may be time for you to look for new opportunities elsewhere.

    — with files from Shannon Quinn and Leslie Kennedy

    Sources

    1.Loans Canada: Women are better at finances than men; men know it, too: New survey results (Mar 8, 2023)

    2.Fidelity Clearing Canada: Why women are a major force in investment circles (Mar 2024)

    3. MSNBC: Being a woman hurts your credit score — Here’s what you can do about it (Dec 17, 2018)

    4. Huffington Post: MLMs are a nightmare for women and everyone they know (Jan 29, 2021)

    5. Competition Bureau Canada: Pyramid schemes

    6. Statistics Canada: Intersectional perspective on the Canadian gender wage gap (Sept 21, 2023)

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • ‘Some of them are very upset’: Canadians selling off properties in this New York ski town over tariffs, ’51st state’ rhetoric. Here’s what the real estate shift could mean for property values

    ‘Some of them are very upset’: Canadians selling off properties in this New York ski town over tariffs, ’51st state’ rhetoric. Here’s what the real estate shift could mean for property values

    Roughly 90 minutes south of the Canadian border at Niagara Falls lies Ellicottville, New York. Known for its ski resorts and charming small-town atmosphere, it’s home to several hundred Airbnb listings.

    But recently, a number of Canadian homeowners have been putting their Ellicottville vacation properties up for sale. And according to mother-daughter real estate brokers Cathleen and Melanie Pritchard, this trend is happening as a result of President Donald Trump’s aggressive tariff policies.

    Don’t miss

    “We have seen an uptick in listings from Canadians,” Melanie told ABC 7 News Buffalo.

    “Our Canadian friends, some of them are very upset. … They’re just feeling like they’re not being loved. They’re wondering why this is happening — as are we."

    How an uptick in listings could affect property values

    Realtor.com puts the median listing price in Ellicottville at about $420,000. Redfin reports that in February of 2025, home prices in Ellicottville were up 699.9% compared to last year, and that homes spend an average of 66 days on the market.

    But as sellers increasingly put their Ellicottville homes on the market, whether due to frustrations over U.S. economic policies or other factors, home values in the town have the potential to decline. And that’s not unique to Ellicottville — it’s how the real estate market generally works.

    A big reason home values are up on a national level right now is that inventory has been low for years. Mortgage lenders offered up record-low borrowing rates during the pandemic, which spurred a wave of refinances. When rates started creeping upward following the pandemic, housing inventory declined.

    And that made sense. Homeowners did not want to give up the super-low mortgage rates they had managed to lock in. But that lack of supply helped home prices rise, even at a time when mortgages were expensive to sign.

    But if the opposite happens in Ellicottville, and a large number of homes hit the market in short order, it could result in an oversupply. That, in turn, could lead to lower home prices and lower home values.

    Sellers who list their homes may not get the prices they want. And existing homeowners who aren’t selling could see a drop in equity.

    Furthermore, if ill feelings toward the U.S. drive Canadian buyers away, home values in Ellicottville could plunge even more as a large pool of buyers dwindles down. It’s been reported that an estimated 23% of homes in Ellicottville are owned by Canadians.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    What a changing housing market means for buyers and sellers

    The housing market is typically subject to basic laws of supply and demand. When there’s a greater supply of homes than demand, prices tend to drop. When there’s more demand and less supply, prices can rise. And if supply continues to tick up in Ellicottville, both buyers and sellers will need to use those circumstances to their advantage.

    Sellers will need to be strategic to help their homes stand out and attract buyers. Those looking to sell can partner with a real estate agent who knows the area well in order to price their homes strategically. They can also focus on high-impact repairs and improvements that are likely to draw buyers in.

    Being flexible with closing dates is another tactic sellers can use. Similarly, offering added concessions, like covering closing costs, could help.

    Buyers, on the other hand, can take advantage of the changing market by negotiating lower prices. They can also ask sellers to make certain repairs or improvements as a condition of completing a sale.

    But, buyers do need to be careful about entering a shifting market. If Canadians continue to pull out of Ellicottville, home values could drop in coming years. For buyers making a minimal down payment, there’s the real risk of ending up underwater on a mortgage in short order.

    It’s especially important to be cautious about buying in a changing market when the home is being purchased as an income property, as opposed to a primary residence. Waning demand could lead to a decline in bookings, making it harder to cover the costs of owning the property.

    One thing Ellicottville buyers should do at a time like this is talk with real estate agents in the area and get their take on whether current sentiment and recent trends are likely to impact future rental income. Those agents may not have a crystal ball, but their insight could prove invaluable — and perhaps spare some buyers from making a bad decision.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • American retirees in these 9 states could lose some of their Social Security benefits soon — do these 3 things ASAP if you live in one of them

    American retirees in these 9 states could lose some of their Social Security benefits soon — do these 3 things ASAP if you live in one of them

    Tax season is probably everyone’s least favorite time of year. But the experience can be a little more daunting for millions of Americans who receive Social Security benefits and live in a state that applies an additional tax on these payments.

    To be clear, most states don’t tax Social Security payments — the federal government will already tax them, beyond a certain gross adjustment income threshold. So the vast majority of retirees don’t need to worry about this. However, Colorado, Connecticut, Vermont, Montana, Minnesota, New Mexico, Rhode Island, West Virginia and Utah will collect some portion of your benefit payments.

    Don’t miss

    If you live in any of these states, here are three ways you can prepare for this and potentially reduce your liabilities.

    Check income thresholds

    Most states that charge an additional tax on Social Security benefits do so only above certain income thresholds.

    In Connecticut, for instance, married couples filing together would pay state tax on these benefits if their joint threshold exceeds $100,000. Those filing under any other status would owe taxes only if the adjusted gross income (AGI) is above $75,000. New Mexico and Rhode Island also have thresholds at varying levels, depending on your status.

    At the federal level, if you’re single and your total income is above $25,000 or if you’re married and your combined income is above $32,000, a portion of your Social Security benefits could be taxable, according to the Internal Revenue Service.

    With this in mind, it’s important to keep track of all your various income sources and try to forecast future earnings as well to see if you hit any of these thresholds and so you can plan ahead.

    Look for tax credits or exemption rules

    Some states do offer exemptions, credits and offsets to lower the burden of taxes on lower- or middle-income retirees.

    In Colorado, for example, residents over the age of 65 are allowed to deduct the full amount of Social Security benefits included in their federal taxable income from their state taxable income.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    For instance, if $7,000 of your Social Security benefits were taxed at the federal level, you can subtract that same $7,000 when filing your Colorado state tax return.

    Meanwhile, Vermont offers exemptions to state taxes on Social Security and partial credits depending on your income.

    You should check your state rules during tax season to ensure you’re taking advantage of all these deductions and credits. However, the best way to minimize your liability and maximize your credits is to simply hire a professional.

    Speak to an expert

    Most Americans expect to file their taxes themselves in 2025, according to a recent survey by Invoice Home.

    Only 24% of respondents said they would hire a tax professional to assist them, while 39% said they would use third-party tools like TurboTax or H&R Block and 43% said they would trust AI more than an accountant.

    However, given how complex the tax system is, even for retirees on a fixed income, hiring a professional to assist you could be worth the investment. Someone with the right experience could help you navigate this tax season with confidence.

    If you’re worried about missing out on some credits or paying state taxes on your Social Security this year, consider reaching out to a tax planner or Certified Public Accountant (CPA).

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • ‘Significant downsizing’: Federal agency job cuts hit NIOSH hard in Morgantown. Here’s why workers and local economies are vulnerable — and what to do if you’re affected

    ‘Significant downsizing’: Federal agency job cuts hit NIOSH hard in Morgantown. Here’s why workers and local economies are vulnerable — and what to do if you’re affected

    The National Institute for Occupational Safety and Health (NIOSH) is laying off hundreds of workers. Though details are limited, United Mine Workers of America (UMWA) President Cecil E. Roberts said in a recent statement,

    “NIOSH began laying off hundreds of workers who are engaged in research and the improvement of products and practices that literally save the lives of coal miners every day.”

    Don’t miss

    Roberts added that NIOSH announced “significant downsizing” of offices in Morgantown, West Virginia and Pittsburgh, Pennsylvania.

    The layoffs come amid a sweeping federal reorganization effort led by Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. as part of the Trump administration’s Department of Government Efficiency (DOGE) Workforce Optimization Initiative.

    But what are the job cuts supposed to accomplish?

    Why are these layoffs happening?

    According to an HHS statement, the "Make America Healthy Again" plan aims to reduce the federal health workforce by 20,000 employees overall — shrinking HHS from 82,000 to 62,000 full-time staff. It will also consolidate 28 HHS divisions into 15 new ones, while regional offices will be reduced from 10 to just 5.

    As part of the plan, NIOSH is being folded into a new agency called the Administration for a Healthy America (AHA), alongside the Health Resources and Services Administration (HRSA), the Substance Abuse and Mental Health Services Administration (SAMHSA) and other offices. HHS says the changes will save taxpayers $1.8 billion per year and improve efficiency by reducing “redundant units.”

    However, critics argue that the cost savings come at the expense of public and workplace safety — especially in places like Morgantown, where NIOSH plays a key role in researching coal worker health, respiratory disease and workplace hazards.

    “I do not think that these actions are being done in a coordinated way to hurt the American coal industry and those who work in it. But that is the effect,” Roberts said in the release. “Miners have and can continue to produce the materials to power American homes, produce American steel and so many other products our society uses every day.”

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    How layoffs will impact workers — and how to protect yourself

    Layoffs at NIOSH threaten not only the job security of hundreds of employees, but also the health and safety of coal miners and other high-risk workers who rely on the agency’s research.

    Morgantown’s facility employed around 500 workers, reported MetroNews. Its research informed safety regulations, protective equipment standards and disease prevention strategies across several industries.

    Roberts believes the downsizing could cripple progress in mine safety as the coal industry "relies on the research done there to improve its safety practices.”

    Sen. Shelley Moore Capito R-W.Va. told 12 News in a statement that the cuts would harm “vital health programs,” adding that “any cuts that impact [coal workers’] health monitoring need to be restored immediately.”

    In addition to the safety concerns, the economic impact could be significant for Morgantown and surrounding areas. Losing hundreds of high-paying federal jobs affects not just those laid off, but also local businesses that depend on NIOSH employees as customers. From diners and daycare centers to home service providers, many small businesses could feel the ripple effects of the layoffs.

    Here are a few ways locals can manage the disruption:

    • Know your rights. If you’re injured or face exposure to hazardous conditions, report it immediately to the Occupational Safety and Health Administration. Employers must still comply with its standards.
    • Connect with state and nonprofit resources. West Virginia’s Department of Health, WorkForce West Virginia, the PA Workforce Development Association and organizations like the Appalachian Citizens’ Law Center may be able to offer guidance, legal help or job retraining opportunities.
    • Protect your health on the job. With fewer researchers to monitor workplace hazards, it’s more important than ever to take precautions. Use proper PPE, attend all safety training and document any incidents or exposure you experience or witness.
    • Consider looking for new opportunities. Sen. Capito and West Virginia Governor Patrick Morrisey both say they’re working to help affected workers find new employment. While these roles may take time to materialize, job retraining programs or federal grants may be offered soon. Pay attention to state announcements and job boards.

    As Trump and DOGE aim to reshape federal agencies, communities like Morgantown are left to navigate the fallout and fight to protect the workers and industries who have long powered the country.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • Retirement is a balancing act — are your investments ready? A key adjustment could make all the difference. Here’s what you need to know before making changes

    Retirement is a balancing act — are your investments ready? A key adjustment could make all the difference. Here’s what you need to know before making changes

    Many people spend years contributing to their retirement savings in the hopes of building a sizable nest egg for later in life. You may have worked hard to grow your retirement account balance, too.

    If you’re planning to retire next year, now is a good time to review your portfolio and ensure your assets are appropriately allocated for your age. But what does that mean in practical terms?

    Don’t miss

    Your portfolio likely includes a mix of stocks (equities) and bonds (fixed income), and you may be wondering what the right balance is. Here’s how to figure out the optimal mix.

    The benefits of stocks vs. bonds in retirement

    Having both stocks and bonds in your retirement portfolio offers distinct advantages. While stocks carry more risk, they also tend to deliver stronger returns.

    Since 1926, U.S. stocks have averaged an annual return of around 10%, whereas bonds have typically returned 5% to 6%.

    Maintaining stocks in your portfolio is important because you want your money to continue growing during retirement. However, bonds play a role in protecting a portion of your assets from stock market volatility.

    Unlike stocks, bond values don’t fluctuate wildly, providing stability — a necessity when you’re living off your investments. Bonds also offer to generate fixed income since they’re contractually obligated to pay interest.

    Stocks can provide income as well if you invest in dividend-paying companies. However, unlike bonds, companies’ stocks are not required to pay dividends, and even those with a solid history of doing so may opt to cut or eliminate those payments as they see fit.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    How to build the right investment mix

    How you allocate your assets before retirement may not be the same strategy you use during retirement — and for good reason.

    While you’re working, you have time to ride out stock market downturns because you won’t need to withdraw that money for many years. Once you’re retired, however, you may need to tap into your portfolio regularly for income, requiring a more cautious investment approach.

    For this reason, it’s a good idea to keep the bulk of your portfolio in stocks during your wealth accumulation years. But as you transition into retirement, shifting a greater percentage into bonds can help manage risk and provide stability.

    Your specific allocation will depend on factors like life expectancy, risk tolerance and income needs. Some retirees prefer a 50/50 split between stocks and bonds, while others opt for a 40/60 split in either direction.

    A common guideline is the rule of 110, which suggests subtracting your age from 110 to determine the percentage of your portfolio that should be in stocks.

    • At age 40, this rule suggests keeping 70% of your assets in stocks.
    • At age 65, a 45% stock allocation may be more appropriate.

    Another popular strategy is the bucket strategy, which divides your portfolio based on different time horizons:

    • Short-term bucket: Holds conservative investments like bonds for near-term expenses.
    • Medium-term bucket: Includes a mix of stocks and bonds.
    • Long-term bucket: Primarily stocks for long-term growth.

    It’s also important to maintain a cash reserve. Rather than allocating a fixed percentage to cash, a good rule of thumb is to keep enough to cover one to two years of living expenses. This allows you to avoid selling investments during a market downturn.

    Finally, your retirement portfolio doesn’t have to be limited to stocks and bonds. Depending on your income goals and risk tolerance, you might consider diversifying with real estate, such as a rental property.

    Consulting a financial adviser can help you develop a strategy that balances risk and reward — ensuring your portfolio meets your retirement needs.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • ‘Everybody needs an avocado tree’: This Bay Area nursery owner is helping consumers beat potential tariffs — here are other similar steps you can take to save

    ‘Everybody needs an avocado tree’: This Bay Area nursery owner is helping consumers beat potential tariffs — here are other similar steps you can take to save

    President Donald Trump’s tariffs could drive up prices on everything from car parts to groceries, and Gary Gragg has found a way to reduce the impact — by helping others grow their own food.

    Don’t miss

    He’s focusing on a California favorite: avocados. He’s offering consumers a sustainable and long-term alternative to shouldering any cost increases: locally-grown avocado trees ready to bear fruit.

    "One thing you can do if you live in California as we do here, in this beautiful environment we have, you can grow your own," Gary Gragg, the owner of Golden Gate Palms Nursery in Richmond, told ABC7.

    Avocados and other agricultural goods from Mexico are currently exempt from U.S. tariffs since they are compliant with the United States-Mexico-Canada Agreement (USMCA), but that may be temporary. Trump had initially said he would slap 25% tariffs on all imports from Canada and Mexico before agreeing to pause them.

    "The vast majority of avocados eaten by U.S. citizens come from Mexico, including an estimated $2.7 billion worth of avocados imported in 2024. In fact, free trade with Mexico is partly responsible for the rise of avocados in the U.S. diet," said the Council on Foreign Relations.

    How one man looks to crack the system — with trees

    Imported produce is among the many categories that may be affected by tariffs, and that includes avocados. Gragg saw the price pressure coming and highlighted California’s advantage: the region’s Mediterranean climate.

    “Generally, there’s an avocado you can grow anywhere in low-elevation Bay Area,” Gragg told ABC7. The San Francisco Chronicle once called him a “horticulturist and avocado obsessive.”

    But instead of selling tiny seedlings that need plenty of attention and care, Gragg’s nursery offers trees starting at 5 feet tall. The price tag ranges from $250 to $950, depending on size.

    Golden Gate Palms Nursery reportedly has hundreds of avocado trees ready for sale. But it’s not just about the plants — it’s about a mindset shift. Gragg’s YouTube channel, True Plant Stories, has over 11,000 subscribers and is dedicated to educating viewers on how to grow their own fruit trees successfully.

    It’s a long-term investment — but one that could pay off in food security and savings.

    By turning his nursery into more than a business — essentially a how-to hub for aspiring backyard growers — Gragg is giving consumers the tools to take control of their food supply. His consumer-driven model offers a clear path around rising import costs and serves as an example of how businesses can adapt to policy shifts.

    "Everybody needs an avocado tree, for not only the tariffs to save some money but for the environmental ethic and the fact that you’ll be the coolest kid on the block if you’re giving avocados away," he said.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    How to navigate rising prices due to Trump’s tariffs

    Gragg’s solution — growing your own avocados — is just one approach. Here are more ideas to help you navigate rising prices:

    Start a garden

    Whether you have a backyard or a sunny windowsill, growing food can reduce grocery bills. Start small with easy-to-grow herbs, tomatoes, or even potatoes in a 5-gallon bucket. Starting from seed is the cheapest route — just a few dollars can yield weeks of fresh produce.

    Get chickens, if you can

    Many urban and suburban areas now permit backyard hens. They require a bit of learning and setup, but the return is fresh eggs and a deeper connection to your food. Check to see if your local ordinances and homeowners association (HOA) allow it, and look for DIY coops to save on start-up costs.

    Shift purchases to local farmers

    Buying from farmers markets or signing up for a CSA (Community Supported Agriculture) box can keep your money in the local economy while often reducing costs on fresh produce compared to grocery store markups.

    Join community trade groups

    Buy Nothing groups and local barter exchanges are great ways to get what you need without spending money—whether it’s clothing, toys, or tools. It can also help you connect with your community, which can be crucial during economically trying times.

    Repair and reuse

    Before tossing items, look into DIY repairs or upcycling ideas. A simple fix can extend the life of clothing, electronics, or furniture and cut down on spending. Search online for repair tips or a local repair cafe or clinic where community members volunteer to help with repairs.

    Gragg’s avocado tree solution may not be for everyone, but the principle behind it can help us all: When prices go up, look closer to home. Whether it’s a fruit tree in your yard or a shift to community-driven solutions, simple steps can cut costs and build more resilience into your daily life.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • ‘I was like, whoa’: LA County shoppers stunned by sales tax hike as some now pay over 11% — here’s how to protect your budget and avoid getting overcharged

    ‘I was like, whoa’: LA County shoppers stunned by sales tax hike as some now pay over 11% — here’s how to protect your budget and avoid getting overcharged

    If you live in LA County, you could pay more at the check out. Starting April 1, the sales tax rate in unincorporated parts of Los Angeles County — and in cities without their own special tax measures — increased from 9.5% to 9.75%.

    But that’s just the baseline. Many cities across the county — including Long Beach, Glendale and West Hollywood — will now see a 10.5% tax. Others, like Lancaster and Palmdale, have pushed rates even higher, up to 11.25%, after approving their own additional tax hikes.

    Don’t miss

    The increase comes as voters approved Measure A in November 2024, which replaced the existing Measure H quarter-cent tax with a half-cent tax hike. The increase is aimed at funding countywide homeless services.

    How will this tax impact shoppers?

    Measure A is expected to generate more than $1 billion annually for LA County. It officially took effect on April 1, 2025 and will remain in place until it is repealed by voters. The tax revenue will be split between two initiatives:

    • 60% will go toward homeless services, including programs for mental health, substance use disorders and permanent housing placement.

    • 40% is earmarked for building affordable housing through the newly formed Los Angeles County Affordable Housing Solutions Agency and the Los Angeles County Development Authority.

    Some cities, including Santa Monica and Pico Rivera, which were previously excluded from Measure H, are now subject to the new rules. The change might feel minor — just a few extra cents on smaller buys — but on bigger-ticket items, those cents can really add up.

    CBS News reporter Jeff Nguyen visited Westlake Village, a city divided by county lines — and also bottom lines. One side, in Ventura County, pays just 7.25% in tax while the LA County side of the city now pays 9.75% tax. He spoke to one shopper who says she’ll go to the side of town that has lower taxes.

    “So if I have a choice, I’m going to the one where it’s less,” Laura told CBS.

    Another shopper was frustrated by the changes during a time when she’s trying to spend less.

    “As soon as I saw the bill today, I was like, whoa! I’m pregnant so I’m trying to save money during this time,” shopper Brittney Mukhar told CBS.

    Adding to the frustration, not everyone is convinced the additional funds will be well spent. LA County leaders have faced criticism after a recent audit found the Los Angeles Homeless Services Authority (LAHSA) could not track how nearly $2.5 billion in funding was spent.

    “I’m all for helping the homeless — I’m not for wasting my money,” said Laura.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    How to protect your budget amid rising taxes

    With higher prices and economic uncertainty already straining household budgets, even a modest increase in sales tax can affect your bottom line. Here are a few ways to soften the blow.

    Be strategic about where you make big purchases

    If you’re buying expensive electronics, furniture or even a car, consider shopping in a neighboring county with a lower sales tax. A drive to Ventura County, for example, could save you hundreds of dollars on a large purchase.

    Adjust your budget

    Even a small uptick in spending adds up over time. Review your budget and tweak spending categories — especially for things that are now taxed more heavily. Ask yourself whether a purchase is necessary or if it can wait until a sale — or until you’re in a lower-tax zone.

    Embrace sales and discounts

    Use store apps, digital coupons and meal planning to save on groceries and essentials. Every little bit helps offset the higher tax.

    Use cash back credit cards wisely

    If you can pay off your balance in full, cash back cards can help take the sting out of taxes and everyday spending. Look for cards offering extra rewards on groceries or gas and use those rewards to offset the tax increase.

    While the aim of the new sales tax is to address one of the county’s most pressing issues, everyday consumers are left to figure out how to make their dollars stretch a little further.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

  • I’m 54, earning $70,000 and carrying $41,000 in credit card debt. With a recession on the horizon, should I focus on padding my emergency savings or eliminating my debt?

    I’m 54, earning $70,000 and carrying $41,000 in credit card debt. With a recession on the horizon, should I focus on padding my emergency savings or eliminating my debt?

    If you’re in your 50s and carrying credit card debt, you’re far from alone. Experian says that, as of 2024, Gen Xers owed an average of $9,255 on their credit cards.

    Let’s say you’re 54 years old, roughly a decade away from retirement, and owe $41,000 on a handful of credit cards. That debt may be costing you a boatload of money beyond your principal. As of early April, the average credit card annual percentage rate (APR) is 24.23% — and if you don’t get ahead of your large balance, you could end up in a truly dire financial situation.

    Don’t miss

    That said, if you’re only earning, say, a $70,000 annual salary, you may only have so much money to allocate to your debt. Throw in some valid concerns about a recession — which may be the case in light of recent tariff policies — and you may be inclined to prioritize boosting your savings over paying down debt. That way, if you end up out of a job, you might at least manage to avoid adding to your debt.

    Tariff policies have the potential to disrupt the economy and cost businesses money, and if companies can’t afford their payrolls, we could see a widespread increase in unemployment.

    Tariffs also have the potential to cost consumers money, which could lead to a pullback in spending. In light of this, Goldman Sachs economists are putting the likelihood of a near-term recession at 45%.

    But should your savings come first at a time when recession fears are high? Or should your debt come first? Here’s how to decide.

    The case for prioritizing high-interest debt

    The problem with letting credit card debt linger is that you can end up spending a lot of money on interest. If you owe $41,000 on your various credit cards and it takes you five years to pay off your balances, at a 24.23% APR, you’re looking at spending a little more than $30,000 on interest alone.

    If you’re able to whittle down your balances a bit in the coming months, in addition to savings on interest, you may be looking at lower monthly payments later on in the year. If a recession hits at that point, your debt might be easier to deal with.

    There are a couple of different tactics you can use to pay off credit card debt. The “avalanche method” has you tackling your debts from highest interest rate to lowest, while the “snowball method” encourages you to tackle your debts from smallest balance to largest.

    Each has its advantages, and both can be effective. The avalanche method can save you more money on interest — which can go a long way when you’re dealing with expensive credit card debt. However, some people find the snowball method keeps them motivated by allowing them to enjoy small wins on the road to being completely debt-free. You’ll need to think about which method works best for you.

    Another option is to see if you qualify for debt consolidation. If you move your credit card balances into a personal or home equity loan with a much lower interest rate, that could be a huge source of savings. And it could enable you to be debt-free sooner.

    Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

    The case for prioritizing your savings

    Paying off debt can be a source of savings. But if you’re worried about losing your job in the near future, you may want to prioritize your actual savings.

    A U.S. News & World Report survey revealed that as of earlier this year, 42% of Americans are without an emergency fund. But if you don’t have savings to fall back on and you lose your job, you could end up getting deeper into debt — that is, if you’re even given that option.

    If you already have $41,000 in credit card balances, you may be pretty maxed out. And if your credit cards are maxed out, chances are, your credit score isn’t in the best shape, which means you may not qualify for a new loan if you need one.

    So, if you don’t have enough money in the bank to cover at least a three-month period of unemployment, you may want to focus on building some emergency cash reserves and tackle your debt afterward.

    Once you’ve socked away enough money to float you for three months, if all this economic uncertainty starts to temper, you can start thinking about shifting your focus back to your debt.

    Of course, your situation may not be so black and white. You may want to speak with a professional financial advisor to make sure you’re prepared for all possibilities.

    What to read next

    This article provides information only and should not be construed as advice. It is provided without warranty of any kind.